After the recent announcement of
production cuts by
Japan's largest steel producer Nippon Steel,
Japan's second largest steelmaker
JFE Steel has also made a similar announcement.
Accordingly, in the fourth quarter this year JFE plans to reduce its
crude steel production by 300,000 mt, including 200,000 mt at its Fukuyama plant and 100,000 mt at its Chiba plant.
JFE cited the floods in Thailand, which have hit that country's automotive industry, as the main reason for the planned steel output cuts. The uncertain global economic situation and the strength of the yen were also factors.